*Called Bhaubeej in India, this is a Bhai Bij legend in Hindu mythology: after slaying Narkasur, Lord Krishna visited his sister Subhadra who gave him a warm welcome with sweets and flowers. She also affectionately applied tilak on Krishna's forehead. Since then the custom of celebrating Bhaubeej or Bhai Bij started.
Carrying forward the Bhaubeej ceremony in traditional style, sisters' perform arti of their brother and apply a red tika on the brother's forehead. This teeka ceremony, on the occasion of Bhai Bij signifies sister's sincerest prayers for the long and happy life of her brother. In return brothers bless their sisters and treat them with Bhaubeej or cash gifts.
***(Wikipedia)